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Put Your Mask on First! Prioritize the Financial Health of Your Business
At Out of the Box, we have worked with and serviced new business owners for over 30 years. Their most immediate concerns usually are around the cost of our products and services. This is natural when cash flow has yet to be fully established. In fact, 64% of small business owners do their own bookkeeping and 21% admit to not knowing enough to confidently perform this function (yikes!). If you take action on just one piece of advice, I beg you to make it this one: don’t let this be you!
As we all know, the success of a business is measured by its profitability. Many factors influence and drive profit, but if you aren’t tracking the basic components timely and accurately - from the beginning, it becomes harder and costlier to course-correct as time goes on. Your financial data should be informing strategic decision-making and, if that data isn’t any good, initiatives designed to pivot your organization will yield weak results, at best.
Put your mask on first. Invest in your accounting tech stack – don’t cut corners. This will save you time and money. Implement internal controls – simple measures can help you avoid fraud, the average cost per case of which is $350,000. Ensure you are working with a seasoned, professional bookkeeper. If you find one that knows your industry, even better. If you lack confidence in your accounting operations, our team of professionals can provide a 70-point financial health check.
If you enjoyed reading this article, check out these other blogs featuring tips for new home builders:
Lisa McCarthy is the Co-Founder and Chief Strategy Officer at Out of the Box Technology. She consults with thousands of accountants and business owners nationwide, developing solutions related to various Intuit products and services. She has been featured on Google and Intuit’s website for her participation in numerous podcasts, client case studies, and interviews, and she is continuously quoted in accounting journals and publications, including a cover story for Accounting Technology magazine. Lisa is a frequent guest speaker at national franchise, business, and accountant events. Lisa is Advanced Certified in QuickBooks Enterprise, QuickBooks Online, and QuickBooks Point of Sale. She is also a current member of Intuit’s QuickBooks Enterprise Advanced Product Council. Lisa is credited with authoring Intuit’s courses for the Certification of Professional Advisors, contributing articles to Intuit’s Professional Advisor Newsletter, writing a chapter of Intuit’s manual, “QuickBooks Resource Guide for Professional Advisors,” and the development of the Intuit endorsed “QuickBooks for Accountants” seminar. She is a member of the Intuit Accounting Professionals Trainer & Writer Network and was named Participant in the Accountant and Advisor Customer Council for Intuit Inc. Lisa attended Western Michigan University where she graduated Summa Cum Laude with a Bachelor of Business Administration in Finance. Additionally, she earned a degree in Mathematics from the University of Michigan, along with a Certification in Secondary Education. Formerly, Lisa was a founding member of Technology In A Box, a national consulting firm, and Accounting Resource, LLC of Michigan. Prior to that she worked as a Financial Analyst for EDS and Pepsi Co.
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